China, Brazil signing local currency trade deal

DURBAN, South Africa 
China and Brazil plan to sign a deal to do up to $30 billion of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro.

The agreement is to be signed Tuesday ahead of the official opening of a summit bringing together the leaders of Brazil, Russia, India, China and South Africa, and more than a dozen other African leaders.